N450bn debt: NNPC refunds N99bn

Jonah Otunla told newsmen in Abuja after the meeting of the Federation Account Allocation Committee (FAAC) that the refund was made in 13 installments.   The Corporation now has a balance of N351 billion to settle. Also yesterday, the AGF said that the three tiers of government shared N570.6 billion for the month of August […]

Jonah Otunla told newsmen in Abuja after the meeting of the Federation Account Allocation Committee (FAAC) that the refund was made in 13 installments.

 

The Corporation now has a balance of N351 billion to settle.

Also yesterday, the AGF said that the three tiers of government shared N570.6 billion for the month of August compared to N564 billion shared in July.

The total distribution for the month was made up of statutory revenue of N440.8 billion; VAT revenue of N60.4 billion; augmentation of N26.2 billion; Subsidy Reinvestment and Empowerment (SURE) programme of N35.5 billion; and refund by NNPC of N7.6 billion.

The AGF said that out of the fund available to be shared, N124 billion was transferred to the Excess Crude Account, bringing the balance in the account to $8.03 billion from $7.53 billion.

He said the gross revenue for the month dropped by N 260.512 billion from N825.396 billion in July to N564.884 billion.

He said that the shortfall was “due to a drop in crude oil production and lifting operations as a result of force majeure declared at Bonny Terminal and shutdown of Balema Gas plant and Trans Niger pipeline as well as decrease in Production Sharing contracts (PSC) and Modified Carry Arrangement.”